Sun Pharma gains on acquisition of URL generic biz

Sun Pharmaceutical Industries is trading higher by 2% at Rs 732 after the company said it has buys generic business of URL pharma through its subsidiary for an undisclosed amount.

“Caraco Pharmaceutical Laboratories, wholly-owned subsidiary of the company, has entered into a definitive agreement with Takeda Pharmaceuticals U.S.A., Inc, a wholly-owned subsidiary of Takeda Pharmaceutical Company, to buy the URL Pharma, Inc. generic business,” Sun Pharma said in a statement.

Upon completion of the purchase, the non-colcrys generic assets of URL Pharma will be owned and managed by Caraco. The deal is subject to satisfaction of customary closing conditions, including applicable regulatory approvals, it added.

The stock opened at Rs 727 and hit a high of Rs 733 on the NSE. A combined 138,547 shares have changed hands on the counter in morning deals.